New Â£3m life sciences fund launched
A £3m fund has been launched to turn life science research projects into businesses, with the aim of stimulating further growth in the sector.
Speaking at the Bio Wales 2015 conference in Cardiff, economy and science minister Edwina Hart said the Bridging Fund would be managed by the Life Sciences Hub Wales and support up to 20 research projects over two years.
The life sciences sector in Wales employs about 10,000 people in more than 300 companies.
"This fund will enable some of the most promising life sciences research in Wales to become commercially viable businesses," said Hart.
"Wales already has a worldwide reputation for excellence in research and a thriving life sciences industry. There is potential for further economic growth and the creation of highly skilled jobs which this new fund will help exploit."
The Life Sciences Hub Wales will appoint a scientific advisory board of people with commercial and academic experience of the life sciences sector to manage the fund.
They will support and guide grant recipients through the process of turning their research into businesses. They will also seek matched funding from other sources to increase the money available.